本研究以2014至2017年國內上市櫃公司之為研究對象,探討企業社會責任與高階主管薪酬之關聯性。此外,本研究亦將企業社會責任區分成營運相關之企業社會責任與非營運相關之企業社會責任,探討兩種不同之社會責任對於高階主管薪酬之影響是否不同。再者,本研究進一步將高階主管薪酬區分成現金基礎之薪酬與權益基礎之薪酬,探討兩種薪酬與企業社會責任之關聯性是否具有差異。實證結果顯示,企業社會責任與高階主管薪酬呈現顯著負向,且不論是營運相關或是非營運相關之企業社會責任,都得到一致的結果。研究結果也顯示,只有現金基礎的高階主管薪酬才與企業社會責任具有關聯性,權益基礎則未發現此一結果。上述結果皆指出企業社會責任表現較好之公司,高階主管並未具有較高之薪酬,可能意味著這樣的公司高階主管比較不會從事圖利自己而損及他人權益之行為。
This study investigates the association between firms’ corporate social responsibility (CSR) and senior executive compensation. Basing on the disclosures of firms’ corporate social responsibility reports, I dichotomize the disclosures on corporate social responsibility into operations-related and non-operations-related disclosures and further investigates the relationship between these two kinds of CSR disclosures and senior executive compensation. I also investigate the relationship among CSR, cash-based commendation, and stock-based compensation. The empirical results show that executive compensation are negatively associative with firms’ corporate social responsibility, as well as operations-related and non-operations-related CSR. Moreover, the results indicates that the negative relationship between CSR and senior executive compensation holds for cash-based compensation only, not for stock-based compensation.